Within the past several days, the Wyoming legislature has implemented important legislation designed to uphold the integrity of Wyoming as a leading jurisdiction for estate, business, and asset protection planning. Wyoming House Bill 22 requires registered agents to maintain a list of designated communications contacts for the entities they represent. The designated communications contact needs to be a natural person who is a director, officer, LLC member or manager, managing partner, or trustee of the entity that is authorized to receive communications from the registered agent. An employee of the registered agent cannot serve as the designated communications contact unless the registered agent is a director, officer, LLC member or manager, managing partner, or trustee of the entity.
John Ivsan was asked by the legislature to advise on the drafting process. A flaw in the original legislation would have required a natural person to be a director, officer, LLC member or manager, managing partner, or trustee of the Wyoming entity itself. Mr. Ivsan advised members of the Wyoming legislature’s Joint Committee that, for a variety of perfectly valid business and estate planning reasons, it is common for a Wyoming entity to not have a natural person serve in any such capacity. Accordingly, he recommended that the Joint Committee members consider revisions allowing natural persons of an entity associated with the Wyoming entity to serve as the designated communications contact.
We are pleased to observe that the most recent amendments now accommodate planning where no natural person – but only corporate trustees or other business entities – controls a Wyoming entity. The full text of the revised bill can be reviewed here.
About Linhart Seuss Ivsan LLP
The lawyers at Linhart Seuss Ivsan LLP are pleased to advise lawyers and legislators engaged in the fields of business, estate, and asset protection planning. We take a proactive approach to planning, implementing legislative initiatives that support our clients and enhance the reputation of the jurisdictions within which our firm operates.